- Welcome to Halcrow Pensioners Forum.
Recent posts
#81
General Discussion / Re: HPS2 Deferred Benefit Stat...
Last post by Adam Schofield - April 08, 2017, 10:28:57 AMAny reduction does seem very odd - I would cross-check and as Tony suggests, ask the Pensions Team for an explanation. Have they missed a transfer in value, for example?
My HPS2 statement came thru last week, indicating the inflation increase since leaving and separate transfer in value, which all seemed correct and well presented so I could follow everything
I also see that we get CPI (with limits) on that deferred benefit until NRD on the whole lot. Whereas I had thought pre-1997 benefit would get zero indexation from date of transfer to HPS2, but actually this only starts from NRD itself. So that was (marginally) better that I was expecting.
Of course, no more 5% & RPI as it once was...
My HPS2 statement came thru last week, indicating the inflation increase since leaving and separate transfer in value, which all seemed correct and well presented so I could follow everything
I also see that we get CPI (with limits) on that deferred benefit until NRD on the whole lot. Whereas I had thought pre-1997 benefit would get zero indexation from date of transfer to HPS2, but actually this only starts from NRD itself. So that was (marginally) better that I was expecting.
Of course, no more 5% & RPI as it once was...
#82
General Discussion / Re: HPS2 Deferred Benefit Stat...
Last post by Tony Green - April 08, 2017, 07:39:25 AMJustin
The revaluation of the pension before retirement will be affected by the move to HPS2 just as the increases thereafter will be but as the statement of benefits is on the transfer in October 2016 you wouldnt really expect to see that as it gives (my version at least does) the benefit at that date under HPS and under HPS2 for the pension and any temporary pension. There may be some small increase from October 2016 to your NRD so I would suggest you go back to the pensions team (if you have not already) to get an update for expected benefit at retirement and any explanation for the 11% difference that they may be able to offer. I have a document saying there will be no increase in the temporary pension for 2016 even under HPS and though there was the 1% uplift in October you will have lost a 5% rise (more of less) at the end of the year and part of 2017. 11% still sounds a lot though.
Ideally share the outcome with those of us in a similar position!
Thanks
The revaluation of the pension before retirement will be affected by the move to HPS2 just as the increases thereafter will be but as the statement of benefits is on the transfer in October 2016 you wouldnt really expect to see that as it gives (my version at least does) the benefit at that date under HPS and under HPS2 for the pension and any temporary pension. There may be some small increase from October 2016 to your NRD so I would suggest you go back to the pensions team (if you have not already) to get an update for expected benefit at retirement and any explanation for the 11% difference that they may be able to offer. I have a document saying there will be no increase in the temporary pension for 2016 even under HPS and though there was the 1% uplift in October you will have lost a 5% rise (more of less) at the end of the year and part of 2017. 11% still sounds a lot though.
Ideally share the outcome with those of us in a similar position!
Thanks
#83
General Discussion / HPS2 Deferred Benefit Statemen...
Last post by jsouthwell - April 06, 2017, 06:54:01 PMAplogies if I'm beeing naive but I was shocked to receive my HPS2 statement recently. It states that my starting pension will be significantly less than I had been expecting, amounting to a 11% reduction compared with pensions team estimate in 2011. I was aware of the less favourable inflation protection in the new scheme but not aware of any significant affect before the pension start date. Is this something to do with the factors used to increases pre 1-3-01 accrued years before the normal retirement date age change? I would be interested to know if such a reduction is a known aspect of HPS2 and whether anyone else's experience is similar. Incidentally I left Halcrow in 2009 and my NRD is this July.
Best regards to all,
Justin Suthwell.
Best regards to all,
Justin Suthwell.
#84
General Discussion / Re: CH2M Withdraw from HS2 Pha...
Last post by John Ratsey - March 30, 2017, 04:45:52 PMCH probably decided it was wiser to hit the exit button rather than encourage greater scrutiny. It appears that HS2 is now talking to Bechtel instead.
#85
General Discussion / CH2M Withdraw from HS2 Phase 2...
Last post by tonybird1946 - March 29, 2017, 09:35:15 PMwww.google.co.uk/amp/news.sky.com/story/amp/engineering-firm-ch2m-pulls-out-of-deal-for-hs2-section-10817784
Also on several other general interest news sites.
Also on several other general interest news sites.
#86
News / Halcrow Fox Pension Scheme
Last post by John Ratsey - February 16, 2017, 05:37:03 PMThere is an announcement on the HPS website which states:
So that's 102 potential additional members for HPA.
QuoteWe wanted to let members know that on 10 March this year, the Pension & Life Assurance Plan of Halcrow Fox & Associates Limited (the "HFA Plan") will be merging into HPS2. The HFA Plan is a small scheme of 102 members run by Halcrow Group Limited (HGL). .... Before deciding to go ahead with the merger, the HPS2 Trustee took advice from its legal and actuarial advisers, and was satisfied that the merger does not impact the sustainability of HPS2, which was a vital element of the restructuring of the old Halcrow Pension Scheme last year.
So that's 102 potential additional members for HPA.
#87
General Discussion / Re: Potential Merger CH2M with...
Last post by John Ratsey - February 11, 2017, 02:34:12 PMSomething more from Atkins Only a few days ago.
#88
News / Re: Latest Press Reports
Last post by Tim SMITH - January 31, 2017, 02:09:57 PMHere is an article of 30th January 2016 from Professional Pensions, entitled Halcrow Pension Scheme - complex restructurings need to be well managed. Nothing new, just a lawyer's puff, really!
#89
News / Re: Latest Press Reports
Last post by John Ratsey - January 31, 2017, 10:43:33 AMQuote from: chrishoggart on January 31, 2017, 09:03:48 AMThis rumour has its own discussion.
There is an industry rumour that CH2 and Atkins are in merger talks. See here: http://www.infrastructure-intelligence.com/article/jan-2017/ch2m-atkins-merger-mooted
#90
General Discussion / Re: Potential Merger CH2M with...
Last post by Adam Schofield - January 31, 2017, 09:08:20 AMSpeaking as someone who left CH2 & joined Atkins 5 yrs ago, I was somewhat amused by the article. Am I going to end up going full circle?!
While I don't have the ear of Atkins' Chief Exec, I would be surprised if this went any further though. It would dilute the margin of Atkins which is much more profitable as a % of revenue, and (as a plc) I think has a stronger cash position.
That's not to say that there could be continuing strategic collaboration though, such as the current Crossrail2.
While I don't have the ear of Atkins' Chief Exec, I would be surprised if this went any further though. It would dilute the margin of Atkins which is much more profitable as a % of revenue, and (as a plc) I think has a stronger cash position.
That's not to say that there could be continuing strategic collaboration though, such as the current Crossrail2.